1. FLORIDA RETIREMENT SYSTEM (FRS) NEWLY ELECTED OFFICIALS
INFORMATION FOR
NEWLY ELECTED OFFICIALS

2. The Two FRS Plans

3. Participation in the FRS
FRS became contributory effective 07/01/2011
Mandatory 3% employee contributions
Beneficiary Designation
FRS Pension Plan members complete Form BEN-001
FRS Investment Plan Members complete a FRS Investment Plan Beneficiary Designation form

5. Vesting FRS Pension Plan FRS Investment Plan
Six years of service with a participating FRS employer if employed on or after 07/01/2001 (Tier 1)
Eight years of service with a participating FRS employer if initially employed on or after 07/01/2011 (Tier 2)
FRS Investment Plan
One year of service with a participating FRS employer

6. Normal Retirement – Tier 1 FRS Pension Plan
Regular Class, Senior Management Service Class (SMSC), Elected Officers’ Class (EOC):
*You are age 62 and vested with at least 6.00 years of service or;
*You have at least years of creditable service, regardless of your age before 62 or;
*The age after age 62 when you become vested
*Whichever occurs first

7. Normal Retirement – Tier 2 FRS Pension Plan
Regular Class, Senior Management Service Class (SMSC), Elected Officers’ Class (EOC):
*You are age 65 and vested with at least 8.00 years of service or;
*You have at least years of creditable service, regardless of your age before 65 or;
*The age after age 65 when you become vested
*Whichever occurs first

8. Deferred Retirement Option Program (DROP)
Vested and eligible for normal retirement benefits
Twelve month window to make election
Establish future termination date
Maximum participation = 60 months
DROP account accrues 1.30% interest compounded annually
Monthly benefit increase based on COLA every July 1 (Tier 1 members only)

9. DROP Deferral Elected Officers’ Class
If you reach your normal retirement date while holding an elective office covered by the Elected Officers’ Class, you may defer your DROP participation date until your next succeeding term in office and may participate for up to 60 months, or the length of that successive term of office, whichever is less.

10. Contact Information
FRS Pension Plan
Toll Free:
Local: (850)
Website:
FRS Investment Plan
Toll Free:
Website: